What is a Nonprofit Foundation?
A nonprofit foundation – under the provisions of this law – is any entity established for a fixed or indefinite duration by one or more natural or legal persons, or both, that is fundamentally non-profit, and is created to achieve one or more public benefit or specific purposes. It relies on funds allocated by its founder(s) in the form of capital, endowments, grants, or bequests. Family and private funds of all types are considered nonprofit foundations, and the regulations define what falls under such funds.